Meteorologia

  • 18 OCTOBER 2024
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Generali's profit falls 9% in the 1st quarter to 1,119 million euros

Italian insurer Generali posted a profit of 1.119 billion euros in the first quarter of this year, down 9% year-on-year, it was announced today.

Generali's profit falls 9% in the 1st quarter to 1,119 million euros
Notícias ao Minuto

10:40 - 21/05/24 por Lusa

Economia Generali

In the first quarter of 2023, the insurer's profit amounted to 1,229 million euros, the insurer said in a statement.

Gross premiums, in turn, increased by 21.4% in the period under analysis, to 26,391 million euros, against 22,163 million euros in the first quarter of last year.

The insurance group's net assets stood at 30,110 million euros on March 31 of this year, up 3.9% compared to the same period of 2023.

The consolidated operating result stood at 1,898 million euros (+5.5% year-on-year), driven by the Life branch, which grew by 4.9%, to 969 million euros, by the Non-Life branch, which increased by 2.4%, to 867 million euros, and by the Asset Wealth Management segment, which grew by 16.7%, to 263 million euros.

The net combined ratio - claims plus expenses in relation to premium income - improved slightly to 91%, up 0.3 percentage points compared to the same period of the previous year.

Total assets under management increased by 2.2% to March, to 670,257 million euros, against the 655,000 million euros recorded in the same period of last year.

Read Also: Mota-Engil's profits grow 54% in the first quarter to 20 million (Portuguese version)

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